Don Henry, Wells Real Estate Funds
Wells didn't disclose the purchase price, but Columbus brokers familiar with the city's Class A office segment estimate the deal went down for at least $65 million or about a minimum $200 per square foot.
The buildings, sold by Duke Realty Corp., are 100%-leased to Sterling Commerce until 2020.
"Given the slowdown in Class-A real estate transactions in 2009, we are especially thrilled to add a property of this caliber to the Wells REIT II portfolio," says chief real estate officer Don Henry.
Wells was represented internally by Peter Mitchell, senior vice president, Acquisitions, who calls the asset, "...a well-located asset, leased long-term to a top-tier tenant."
The complex, constructed from 1990-98, is located along Lakehurst Court and Emerald Parkway near Interstate 270 in Dublin, OH, northwest of Columbus.
Sterling Commerce provides business and e-commerce software to customers around the world, including more than 80 percent of the FORTUNE 500.
Wells REIT II, a public non-traded REIT specializing in office properties, now has 89 buildings in 23 states, Washington, D.C., and Moscow, covering more than 20 million square feet. Across the portfolio, Wells REIT II properties are 96 percent leased.
Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since it's founding in 1984, Wells investment offerings - current and closed - have invested more than $12 billion in real estate for more than 250,000 investors.
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